Spotlight on Investment in Grenada

With an economy supported by strong legislative and regulatory frameworks, a robust foreign investment program, and political stability, Grenada’s investment climate is thriving

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An increasingly attractive investment destination, Grenada has certainly recovered from the prior impacts of the COVID-19 pandemic, which saw the country’s tourism-driven economy decline.

Bouncing back, 2022 saw Grenada’s GDP grow by a robust 7.3 percent, followed by a healthy 4.8 increase the following year. This is due, in part, to the strong performance of the tourism, manufacturing, and construction sectors during this period.

Today, one of the fundamental objectives of Grenada’s government is to promote private sector and foreign direct investment (FDI) activity on the island to facilitate continued economic growth.

Specifically, Grenada continues to experience a wave of FDI through its highly successful Citizens by Investment (CBI) program, which was introduced in 2014 as an investment migration scheme offering participants a second citizenship through investment.

It was subsequently rebranded to the Investment Migration Agency (IMA) in 2024 to emphasize due diligence and attract local support.

The program has seen unprecedented applications and continues to provide support for stakeholders looking to navigate the island’s business landscape. In addition to IMA, Grenada offers a comprehensive range of investment incentives, including investment allowances, deductible expenditures, and customs duty exemptions

Ronald Theodore, CEO of the Grenada Investment Development Corporation, outlines the organization’s critical role in facilitating investment on the island, alongside plans to continue its targeted investment model, infrastructure development, and policy advocacy going forward.

North America Outlook (NA): Firstly, could you introduce us to the Grenada Investment Development Corporation, including your three strategic business units? How do they nurture and promote Grenada as a prime investment and business development location?

Ronald Theodore, CEO (RT): The Grenada Investment Development Corporation (GIDC) was established in 1985, and on 1st March this year, we’ll be celebrating our 40th anniversary. I strongly believe that, over these 40 years, we have made a solid impact on Grenada’s economy. 

As an organization, GIDC has three strategy-based business units – the Investment Promotion Agency (IPA), the Business Development Center (BDC), and the Facilities Business Unit (FBU). 

Through our business units, we see ourselves doing more than just promoting investment. While most Caribbean countries have an active IPA, we have other units that comprise GIDC; thus, we see ourselves as more of an economic development agency. First and foremost, the IPA promotes and facilitates investment on the island, assesses investors, advises on the do’s and don’ts, and provides information on Grenada’s legal and regulatory framework.

We also facilitate the grant of incentives to qualifying investments. The IPA is additionally involved in aftercare, providing post-investment support. Elsewhere, we are heavily involved in policy advocacy. By meeting with investors and businesspeople alike, we have a clear understanding of what they would like to see happening in Grenada’s business environment, and we make policy recommendations to the government on potential changes inclusive of investment incentives and tax reforms. The BDC, meanwhile, works with micro, small, and medium-sized enterprises (MSMEs).